SEC moves to curb unclaimed investments, launches probate clinic to strengthen investor protection

The Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed dividends and other dormant investment assets by launching a Probate/Unclaimed Monies Awareness and Investor Clinic.

The move, according to SEC, is aimed at helping beneficiaries recover inherited investments and strengthen investor protection across Nigeria’s capital market.

The programme, organised by the Commission in partnership with Meristem Registrars and Probate Services Limited, brings together the Federal Ministry of Justice, the Probate Registry, the National Population Commission (NPC) and capital market registrars to provide practical guidance on probate procedures, documentation requirements and the recovery of inherited investments.

What the Commission is saying:

Speaking at the opening of the investor clinic in Abuja on Thursday, SEC Director-General, Dr. Emomotimi Agama, said the initiative was designed to bridge the gap between investors’ legal entitlements and their ability to access inherited shares, dividends and other financial assets after the death of loved ones.

• Agama described unclaimed funds and dormant investment assets as a persistent challenge within Nigeria’s capital market, noting that many families remain unable to access inherited investments because they are unfamiliar with probate processes and registrar requirements.
• “For many Nigerian families, the death of a loved one who held shares, dividends, or other investments marks the beginning of a long and often confusing journey,“ he said.
• “These are real monies that belong to real families, sitting idle, disconnected from the people they were meant to serve,” Agama stated.
• According to the SEC boss, many investment assets remain disconnected from their rightful beneficiaries because of documentation gaps and inadequate understanding of estate administration procedures.
• “Today is not simply an awareness session. It is a working clinic, designed to equip you with practical knowledge: how probate works, how to obtain the right documentation, and how to recover what is rightfully yours.”
• “This Commission exists to protect your rights in the capital market, and that protection does not end when a shareholder passes on. It extends to ensuring their beneficiaries can access what is due to them without unnecessary hardship.”

Agama explained that the clinic was structured as a practical engagement rather than a routine awareness campaign, stressing that investor protection remains one of the Commission’s core mandates even after the death of shareholders.

More insights:

Also speaking at the event, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, said their goal is to equip investors with needed knowledge to navigate probate and estate administration services with greater confidence.

• “Our goal is to empower investors, beneficiaries, executors, administrators and the general public with the knowledge they need to navigate probate and estate administration with greater confidence,” she said.
• She attributed the growing volume of unclaimed financial assets to inadequate awareness, poor estate planning and incomplete Know Your Customer (KYC) records. According to her, beneficiaries generally fall into three broad categories:
• Those who assume only physical assets such as land and buildings form part of an estate, overlooking financial investments including shares, bonds, and savings.
• Those unaware that deceased relatives owned financial assets.
• Those who know the investments exist but lack knowledge of the documentation and claims process.
• She added a fourth category comprising investors who fail to update their KYC records during their lifetime, making it difficult for beneficiaries to trace and claim their investments after death.
• Okoye noted that these challenges have contributed significantly to the rising stock of unclaimed dividends, dormant investment accounts, and abandoned financial assets across the country.

She urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to reduce delays in estate administration.

What you should know:

The SEC said the Probate/Unclaimed Monies Awareness and Investor Clinic forms part of its broader investor protection strategy aimed at improving access to inherited investments and reducing the volume of dormant assets within Nigeria’s capital market.

• The initiative is a step further to previous campaigns as the Commission partners relevant stakeholders to provide the needed services towards recovery of unclaimed dividends.
• SEC believes the latest campaign will provide investors, beneficiaries, executors and administrators with direct access to experts from the Federal Ministry of Justice, Probate Registry, National Population Commission and capital market registrars.
• It will assist the investors with tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed assets.

The programme also reinforces the Commission’s ongoing efforts to promote stronger investor education, improve KYC compliance and encourage proper estate planning through valid wills and updated investment records, with the objective of ensuring that legitimate beneficiaries can access inherited financial assets with fewer administrative hurdles.